On March 15, 1995, by Executive Order 12957, the President declared
a national emergency with respect to Iran pursuant to the International
Emergency Economic Powers Act (50 U.S.C. 1701- 1706) to deal with the
unusual and extraordinary threat to the national security, foreign
policy, and economy of the United States constituted by the actions and
policies of the Government of Iran, including its support for
international terrorism, efforts to undermine the Middle East peace
process, and acquisition of weapons of mass destruction and the means
to deliver them. On May 6, 1995, the President issued Executive Order
12959 imposing more comprehensive sanctions to further respond to this
threat, and on August 19, 1997, the President issued Executive Order
13059 consolidating and clarifying the previous orders.

Because the actions and policies of the Government of Iran continue
to pose an unusual and extraordinary threat to the national security,
foreign policy, and economy of the United States, the national
emergency declared on March 15, 1995, must continue in effect beyond
March 15, 2004. Therefore, in accordance with section 202(d) of the
National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1
year the national emergency with respect to Iran. Because the
emergency declared by Executive Order 12957 constitutes an emergency
separate from that declared on November 14, 1979, by Executive Order
12170, this renewal is distinct from the emergency renewal of November
2003. This notice shall be published in the Federal Register and
transmitted to the Congress.